Brokerages expect OceanFirst Financial Corp. (NASDAQ:OCFC) to post sales of $73.23 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for OceanFirst Financial’s earnings. The lowest sales estimate is $71.80 million and the highest is $74.90 million. OceanFirst Financial reported sales of $64.62 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 13.3%. The firm is scheduled to announce its next earnings results on Thursday, April 25th.
According to Zacks, analysts expect that OceanFirst Financial will report full-year sales of $306.01 million for the current year, with estimates ranging from $301.80 million to $310.84 million. For the next year, analysts expect that the company will post sales of $320.60 million, with estimates ranging from $312.30 million to $329.08 million. Zacks’ sales calculations are an average based on a survey of research firms that cover OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, January 24th. The savings and loans company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The business had revenue of $70.59 million during the quarter, compared to analyst estimates of $72.11 million. OceanFirst Financial had a return on equity of 9.26% and a net margin of 23.09%.
A number of research firms have commented on OCFC. BidaskClub raised OceanFirst Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday. ValuEngine raised OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Friday. Boenning Scattergood reissued a “buy” rating and issued a $28.00 price objective on shares of OceanFirst Financial in a research note on Friday, January 25th. Finally, Zacks Investment Research raised OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, December 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $32.50.
Several institutional investors and hedge funds have recently modified their holdings of the company. Teton Advisors Inc. lifted its stake in shares of OceanFirst Financial by 2.4% during the fourth quarter. Teton Advisors Inc. now owns 25,150 shares of the savings and loans company’s stock valued at $566,000 after acquiring an additional 600 shares during the period. LPL Financial LLC lifted its stake in shares of OceanFirst Financial by 4.7% during the fourth quarter. LPL Financial LLC now owns 15,581 shares of the savings and loans company’s stock valued at $351,000 after acquiring an additional 699 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in shares of OceanFirst Financial during the fourth quarter valued at $25,000. Prudential Financial Inc. lifted its stake in shares of OceanFirst Financial by 5.2% during the third quarter. Prudential Financial Inc. now owns 77,307 shares of the savings and loans company’s stock valued at $2,104,000 after acquiring an additional 3,810 shares during the period. Finally, Teachers Advisors LLC lifted its stake in shares of OceanFirst Financial by 6.4% during the third quarter. Teachers Advisors LLC now owns 90,650 shares of the savings and loans company’s stock valued at $2,467,000 after acquiring an additional 5,426 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.
OceanFirst Financial stock traded up $0.11 on Friday, reaching $24.99. The company’s stock had a trading volume of 47,216 shares, compared to its average volume of 182,083. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $1.20 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.12 and a beta of 0.76. OceanFirst Financial has a twelve month low of $21.30 and a twelve month high of $30.90.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Monday, February 4th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Friday, February 1st. OceanFirst Financial’s dividend payout ratio is currently 34.34%.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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